Filing Flows › AES (AES) › Q1 2025
AES (AES) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
AES (AES) reported revenue of $2.9B for the first quarter 2025 (Q1 2025), -5% from a year earlier and -1% from the quarter before. Operating margin was -1.9%, net loss $73.0M (2.5% of revenue).
AES, Q1 2025: revenue $2.9B (-5% year over year), operating margin -1.9%, net loss $73.0M, operating cash flow $545M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | -1% | -5% |
| Operating profit | −$56.0M | — | — |
| Net earnings | −$73.0M | — | — |
| Operating cash flow | $545M | -50% | +90% |
What changed
Revenue was $2.9B in Q1 2025, down 5% year over year and down 1% from the previous quarter. Electricity, Generation was the largest line at 66% of revenue. Electricity, Generation lost $0.29B year over year (down 13%), 183% of the total change.
Gross margin was 15.1%, down 5.0 points from a year earlier. Operating costs exceeded revenue by $0.06B, an operating margin of -1.9%. Operating expenses grew 39% against a revenue fall of 5%. The fastest-growing cost line was Other operating costs (+49%). The quarter ended with a net loss of $0.07B, after a profit of $0.16B the previous quarter. Minority interests bore $0.12B of it: to shareholders the quarter was a profit of $0.05B.
Operating cash flow was $0.55B (up 90% year over year). Working capital and other items added $0.62B. Capital expenditures of $1.3B exceeded it, leaving free cash flow of −$0.71B.
Questions
What was AES' revenue in the first quarter 2025?
AES (AES) reported revenue of $2.9B for the first quarter 2025 (Q1 2025), -5% from a year earlier and -1% from the quarter before.
Was AES profitable in the first quarter 2025?
Operating loss was $56.0M (-1.9% of revenue) and net loss $73.0M.
Source: AES 10-Q on SEC EDGAR.